The Ministry of Corporate Affairs (MCA) has refuted the recent reports claiming that Byju’s has been cleared of financial fraud in an ongoing investigation by the Ministry of Corporate Affairs (MCA).

“It is categorically clarified that such reports are factually incorrect and misleading. The proceedings initiated by MCA under the Companies Act, 2013, are still on going and no final conclusion should be drawn in this matter at this stage,” stated the MCA.

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Byju’s, a leading edtech firm in India which rose to popularity during the pandemic catered to the students with interactive videos and technology. In recent years, the firm has witnessed a tumultuous downfall following a rapid expansion, resignation of its auditor, layoffs, financial mismanagement, bankruptcy and its main investors cutting the valuation of the app to under 3 billion.